Multi-Tenant Office
355 1st St NW Cleveland, TN 37311
For Sale
$1,300,000
Approximate 8,000 SF office property with numerous individual suites and flexible floor plans for multiple tenants.
Property Size8,000 SF
Price / SF$162.50
Days on Market43
Property Features for 355 1st St NW
General Information
Standard status
Active
Size
8,000 SF
Property subtype
Commercial
Building Details
Year Built
1935
Listing Agency:
Bridge Real Estate Group
(217) 836-3666
Listed By:
Laura Coleman · License #358137
(217) 836-3666
Source:
Firstrealty
Added: Jun 17
Changed: Jul 26
Last Checked: Jul 28 at 5:40PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bridge Real Estate Group
Investment Insights
Based on property information with market context.
This approximately 8,000 SF multi-tenant office property offers numerous individual office suites and flexible floor plans suitable for professional office uses. The building is positioned to support a range of tenant configurations within the existing suite layout.
The property is located just steps from Downtown Cleveland and is adjacent to a neighborhood park. It is surrounded by established businesses, providing a walkable setting with access to downtown amenities.
For investors or owner-users, the current rent roll is approximately $4,250 per month, with additional leasing opportunities noted in the marketing materials.
The property is located just steps from Downtown Cleveland and is adjacent to a neighborhood park. It is surrounded by established businesses, providing a walkable setting with access to downtown amenities.
For investors or owner-users, the current rent roll is approximately $4,250 per month, with additional leasing opportunities noted in the marketing materials.
Key Highlights
- Approx. 8,000 SF multi‑tenant office building in downtown Cleveland, TN
- Numerous individual office suites with flexible floor plans for multiple tenants
- Current rent roll is approx. $4,250/month
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $144.0k | $18.00 |
| − Vacancy | −$25.9k | −$3.24 |
| EGI | $118.1k | $14.76 |
| − OpEx | −$29.5k | −$3.69 |
| NOI | $88.6k | $11.07 |
8,000 SF · lease $18.00/SF/yr · vacancy 18.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.27M
$1.11M – $1.48M
NOI $88,560 @ 7.0% cap · market cap 6.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,504 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Office building - Approximate 8,000 SF office property with numerous individual suites and flexible floor plans for multiple tenants.
Where is this office building located?
The property is located at 355 1st St NW Cleveland, TN.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Approx. 8,000 SF multi‑tenant office building in downtown Cleveland, TN; Numerous individual office suites with flexible floor plans for multiple tenants; Current rent roll is approx. $4,250/month
